WHAT TO EXPECT IN THE HOUSING MARKET

Most likely, mortgage rates will stay above 6%, and home prices will climb moderately. But that shouldn't dissuade buyers who are ready to make a move.

- BY ROBYN A. FRIEDMAN

In some ways, now is a challenging time to take the plunge and buy your dream home. Many homeowners who locked in ultra-low mortgage rates a few years ago continue to stay put—limiting the supply of homes for sale— and it remains to be seen how the new presidential adminis-tration’s policy decisions will affect the housing market. But the general consensus among some of the country’s most re-spected housing economists is this: If you need to buy, then buy. And if you do decide to buy, make an informed decision.

“Trying to time the housing market is a fool’s errand,” says Joel Berner, a senior economist at Realtor.com. “The right time to move is the right time to move for you, as long as you can find a place that meets your budget and fulfills your needs.”

Some people have no choice but to move. Perhaps they have a new job and are relocating to a new city. Maybe they have a new baby and need more space, or they got divorced and need less. Others opt to move to im-prove their lifestyle—to be closer to work, for example, or to have a backyard for the kids to play in.

In early February, Nhu Vien Nguyen and her fiancé, Brian Timko, were on track to close on the purchase of a two-bedroom, two-bath condominium in Cam-bridge, Mass., after “watching and waiting” for months for a unit to hit the market in a build-ing they love. The commute is just 15 minutes to Timko’s job, and even though the couple are paying $845,000 for the unit and will be responsible for a monthly condo association fee of $693 in addition to their mortgage pay-ment, the numbers work in their favor. Nguyen says she previously paid $3,900 a month in rent, plus a $110 pet fee for her dog, Kevin. Now, the couple’s mortgage pay-ment and association fee total $5,079, saving Nguyen $1,470 a month on her $2,540 share of the monthly expenses.